AUDCHF Top-Down Analysis

AP17FX Updated   
FX:AUDCHF   Australian Dollar / Swiss Franc
Hello Traders,

Here is the Top-Down Analysis of AUDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for

Week 41 - 05 Oct

M > Price reached monthly resistance level that had pushed price down to bearish impulse, faced rejection and started downward move.

W > After facing rejection at resistance level price had pulled back and stayed in consolidation for over a month. Price moved up again to retest resistance again and after rejection moved down. We saw an M formation and expected price to move up to test its neck, which piece did.

D > Price went up to complete M formation and it can drop to test weekly support.

As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.

4H > After testing resistance at neck of M formation price has started making LH and LL as first confirmation of reversal.

Pair Correlation > AUDCHF has positive correlation with AUDJPY , NZDCHF , NZDJPY , EURCHF and NZDUSD and strong negative correlation with EURAUD and USDCAD .

This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.

Thank You
Trade closed: target reached:
Target achieved. Please follow updated idea released early this week.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.